Ondo Insurtech Regulatory News (ONDO)

16 January 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

New Danish Contract underlines Ondo's 2023 growth prospects

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company and a leading provider of claims prevention technology for home insurers, is pleased to announce the signing of a new contract with insurer Topdanmark, to expand its roll-out to 20,000 new customers in Denmark.

Topdanmark is one of the largest insurance companies in Denmark, with over 15% share of Denmark's home insurance policies. Topdanmark was the first Danish insurer to offer LeakBot to their customers in 2019. Those customers received a LeakBot device and access to specialised leak location and repair services which resulted in a positive claims reduction experience. The new contract will see Topdanmark expanding the LeakBot service to a further 20,000 customers over 18 months from March 2023.

Following the LB Forsikring roll-out announced in July 2022, this expanded distribution in Denmark gets 2023 off to a bright start. Based on the 46,000 active LeakBot units reported in service at the end of August 2022 as per the interim financial statements, this contract alone can generate growth exceeding 40% upon execution.

Rasmus Ruby-Johansen, COO & Head of Claims, Group Procurement and Customer Excellence at Topdanmark says: "Topdanmark customers have been benefiting from LeakBot for several years and this deal shows our commitment to roll out LeakBot across more of our customer base. LeakBot offers our customers the opportunity to reduce costs, both through a reduction in water usage and in preventing damage to their homes, whilst also helping to avoid escape of water claims. We're proud to be continuing the roll out of this valued, innovative product." 

Craig Foster, CEO of Ondo InsurTech Plc, says: "We start 2023 with great news and a strong commitment to growing our business, by delivering LeakBots to more customers. Increasing the number of households with a LeakBot in Denmark is key to our strategy and the Topdanmark rollout- alongside the previously announced rollout with LB Fosikringar, will provide great opportunity for growth in 2023 and beyond."

Enquiries

For further information, please visit www.ondoplc.com or contact the following: 

About Ondo InsurTech Plc

Ondo InsurTech Plc is on a mission to become the world's leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 11 insurance carriers - including Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA. 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).